Technical outlook and chart setups:
Gold continues to test the resistance-turned-support trend line around $1,084.00 now. If bulls want to remain in control, they would be poised to produce a reversal ahead of $1,077.00. Only a break below $1,077.00 would delay matters further and help in hitting new lower lows. It is not recommended to take fresh long positions until the level of $1,093.00 is cleared. One can hold long positions taken earlier with risk around $1,074.00/75.00. Immediate support is seen at $1,077.00, while resistance is seen at $1,093.00/94.00 followed by $1,110.00 and higher.
Trading recommendations:
Hold long positions taken earlier, stop is at $1,074.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com